25th Jun 2021 14:02
Jupiter Emerging & Frontier Income Trust PLC - investment trust focused on companies in emerging and frontier markets worldwide - Net asset value rises to 106.69 pence as at March 31, up 21% from 87.91p at end of September. Notes NAV total return 24%, compared to benchmark, MSCI Emerging Markets Index, growing 7.7%.
Says second quarterly interim dividend of 1p due on Friday, after paying first interim dividend of 1p back in March.
"In the previous financial year, total dividends declared per share were 4.4 pence, being two interims of 1.2 pence, followed by two further distributions of 1 penny each. Thus the dividends we have declared so far in this financial year represent a reduction as compared with their counterparts in 2019/20...this is a consequence of widespread dividend cuts in our underlying investments, in most cases attributed to the pandemic, but to an extent also a reflection of the current strength of sterling," it says.
However, notes "good recovery" in revenue accounts, which should allow for return of progressive dividend policy.
"The past six months have seen a significant swing of investor sentiment in our favour. While investment patterns rotate, a consistent, repeatable investment process underpinned by sound principles tends to deliver superior returns over the long term," says Chair John Scott.
Current stock price: 107.64 pence, up 1.1% on Friday afternoon
Year-to-date change: up 12%
By Scarlett Butler; [email protected]
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